Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
5378315346(Newbie)Newbie
11 Apr 2022

Hi everyone, I'm a U.S. citizen who relocated to Australia in Feb 2022. I am currently waiting for my partner visa 820 to get processed - I'm married to an Australian citizen who I'm living with here in Australia.


We've been filing taxes jointly, are both currently unemployed, and are not of retirement age.


I have U.S. stocks that I will be selling in the coming months. These stocks are in USD in a U.S. brokerage account with my most recent U.S. address on file - it wouldn't let me input an Australian address into Fidelity online.


I understand the basic rules and amounts for short-term U.S. capital gains taxes at the state and federal level. (in my most recent U.S. address state, it would all be taxed the same as normal income).


What I can't seem to find is how my specific situation may affect my Australian and U.S. taxes owed, since my upcoming tax returns will likely have an Australian address/residency but capital gains from U.S. stock sales.


Will I end up paying more tax than I'd pay if I were still in the U.S.? If so, how much more?


Do I need to fill out any special forms?


Will it be a problem that I can't input my Australian address into Fidelity online?


Thanks in advance!



2,004 views
1 replies
2,004 views
1 replies

Most helpful response

Most helpful replyATO Certified Response

MarkATO(Community Support)Community Support
ATO Certified Response13 Apr 2022

Hi @USAtoAus


Welcome to Australia! Taxes here for 2021- 2022 (as you may already know) are lodged from July 1 2022. 


If you're an Australian resident for tax purposes, you need to declare your worldwide income (shares sold overseas included). We look at acquisition date from the time you become an Australian resident for tax purposes. This is usually date of arrival here. Once you sell or dispose of your capital assets, you may be able to apply a foreign income tax offset (FITO). This is relevant if you've reported the foreign income overseas and already paid tax there. 


Overall it will go something like this:


Confirm your residency status, then check using Do I need to lodge tool. If you're required to lodge determine if you can apply a FITO. Thereafter, we apply marginal tax rates based on your residency status and your taxable income.


As for Fidelity from what I can establish this is a private investment tool. This would be best referred with them.

All replies

Most helpful replyATO Certified Response

MarkATO(Community Support)Community Support
ATO Certified Response13 Apr 2022

Hi @USAtoAus


Welcome to Australia! Taxes here for 2021- 2022 (as you may already know) are lodged from July 1 2022. 


If you're an Australian resident for tax purposes, you need to declare your worldwide income (shares sold overseas included). We look at acquisition date from the time you become an Australian resident for tax purposes. This is usually date of arrival here. Once you sell or dispose of your capital assets, you may be able to apply a foreign income tax offset (FITO). This is relevant if you've reported the foreign income overseas and already paid tax there. 


Overall it will go something like this:


Confirm your residency status, then check using Do I need to lodge tool. If you're required to lodge determine if you can apply a FITO. Thereafter, we apply marginal tax rates based on your residency status and your taxable income.


As for Fidelity from what I can establish this is a private investment tool. This would be best referred with them.

Liked by knaresbro

Featured articles

Renting out all or part of your home? What to include in your tax return

21 May 2026 · 4 min read time

How to work out your tax residency

15 Apr 2026 · 8 min read time

Top liked users

  1. Taxduck

    (Taxicorn)

    1316 likes

  2. Bruce4Tax

    (Taxicorn)

    1121 likes

  3. YellowPotato

    (Taxicorn)

    356 likes

  4. Ken_Oath

    (Master)

    199 likes

  5. knaresbro

    (Devotee)

    141 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    3402contributions

  2. Taxduck

    (Taxicorn)

    2869contributions

  3. YellowPotato

    (Taxicorn)

    928contributions

  4. knaresbro

    (Devotee)

    295contributions

  5. TobyJDodd

    (Devotee)

    176contributions

Loading
Capital gains tax as a USA expat living in Australia selling U.S. stocks? | ATO Community